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it but nobody's done it really since reagan. finally let's take a look at the deficit. romney is planning to cut a lot more than funding to big bird and pbs. his plans include repealing obama care, reducing foreign aide and privatizing amtrak. you may notny that's that big of a deal. i use it all the time. romney says privatizing it will save $1.3 billion. the budget is made up a lot of small things. however he does it, his goal is to reduce government spending to 20% of gdp. gdp is the biggest measure of everything we produce in society. he wants to do that by the end 6 his first term. right now government spending is at 25% of gdp. let's shed some more light on what romney's america would look like. kevin hassette is an economic adviser for mitt romney. stevon moore is an editorial writer for "the wall street journal." my good friend christine romans is the host of "your botto line" right here on cnn. folks, no party or ideological spin today, no using the name obama or the term democrat. pain the me a picture of what the world looks like under romney four years from now using specifics. you c
it comes to the fact that matter the most the jobs market debt and deficit in his easy to of this gate and we saw lot of at last night with the vice-presidential deba. i want to set the record straight. vice president biden use the word fact 26 times the hard pressed to deliver any. over tax policy bden: the only way to find $5 trillion of loopholes is to cut the mortgage deduction, health care deduction take away the ability to get a tax break to send kids to college. ryan: he is wrong about that. you can preserve the purposes for middle class taxpayers. biden: has never been done before it. ryan: it has been done a couple of times. jack kennedy, ronald reagan. biden: now your jack kennedy? gerri: that was a cheap shot. bided was wronwhen he claimed lower tax rates never had higher revenues. 1920's were slashed from 70% down a 20%. there rose 60%. kennedy cut across the board with the top rate down at 70%. tax revenues jump. ronald reagan proposed sweeping tax rate reduction and the result revenues up 99%. biden: we made sure we cut taxes for the middle-class. gerri: not even close to
to that in a moment. >>> the treasury department releases the official u.s. deficit this year. it is a doozy. you think your credit card bill is high? we're crunching those numbers. >>> a company will let you turn the outside of your home to a large billboard. people are scrambling to get in line. the guy behind this idea is here to explain. even when they are not, it's always about money. melissa: first, let's take a look at the day's market headlines. stocks closed out the week moving between positive and negative territory. u.s. consumer sentiment hit its highest level in five years but worries over bank profits and potential bailout for spain helped put a damper on investor optimism. the dow squeaked out two teeny, tiny points. advanced micro devices with the biggest loser on the s&p 500. the semiconductor maker cut its third quarter outlook, primarily blaming slowing global demand on weakening global economy. >>> business software company public debut is the biggest ipo since facebook. that was back in may. >>> to our top story tonight i don't know about you but envision peace and olive bran
this is an integral part of your jobs plan. our deficit has increased. unemployment is on the rise. this is not part of an active jobs plan. and next topic bills was something we all worry about, it taxes. chris keating will ask that question first. >> there is consensus that extending the bush tax cut is a good idea. there is sharp disagreement about whether the what they should benefit as well. how will you keep taxes lower on the wealthiest americans and keep the jobs as a whole? >> i do call for tax cuts for the middle class. i would keep all of the other tax brackets in place. there would be no gain or loss for others. even president obama in 2010 said we should not increase taxes will we are in a recession. we are barely out of a recession. i do not think now is the time to raise taxes. my plan does call for a tax cut for the middle class. the only one on the stage as called for a tax cut from the middle class. we need to make sure that if our economy starts to turn around and we are improving, i would recommend that we pay more taxes. i would be willing to pay more taxes as long as there's we
? unfortunately for the fiscal year, the u.s. deficit totals 1$1.4 trillion. it exceeded the $4 trillion mark. >>> jack kennedy and paul ryan, perfect together? some things about them that are similar. both young, energetic, viant. paul ryan things they have something in common, joe biden not so sure. the republican candidate invoked a camelot era comparison. this time, the issue taxes. >> you can cut tax rates by 20% and preserve important preferences for middle class taxpayers. >> not mathematically possible. >> it's been done before. >> it's never been done before. >> a couple of times. >> nevereen done before. >> ronald reagan. >> now you're jack kennedy. >> ronald reagan. >> twitter was atwitter about that. that comment got a noticeable reaction from the group of undecided voters i watched during the debate last night. see it blown up there in the bottom of the screen. here is the problem, both kennedy and reagan working in a different time and place. to start, when both kennedy and reagan took office, individual tax rates not even in the ballpark of what we have now. kennedy's plan, ena
are we doing to get it back? unfortunately for the fiscal year, the u.s. deficit totals $1.4 trillion. it exceeded the $4 trillion mark. >>> jack kennedy and paul ryan, perfect together? some things about them that are similar. both young, energetic, vibrant. paul ryan things they have something in common, joe biden not so sure. the republican candidate invoked a camelot era comparison. this time, the issue taxes. >> you can cut tax rates by 20% and preserve important preferences for middle class taxpayers. >> not mathematically possible. >> it's been done before. >> it's never been done before. >> a couple of times. >> never been done before. >> ronald reagan. >> now you're jack kennedy. >> ronald reagan. >> twitter was atwitter about that. that comment got a noticeable reaction from the group of undecided voters i watched during the debate last night. see it blown up there in the bottom of the screen. here is the problem, both kennedy and reagan working in a different time and place. to start, when both kennedy and reagan took office, individual tax rates not even in the ballpark of
various loopholes or you've said your tax cuts would be revenue neutral you wouldn't add to the deficit. let's go through how you would do that. specifically home mortgage deductions, charitable mortgage contributions. are you ready to remove those? what's going on? >> well, i've made pretty clear that my prirnls are number one simplify the code. number two, create incentives for small and large businesses to grow. number three, don't reduce the burden on high income taxpayers. and number four, remove the burden somewhat for middle income people. i don't want to raise taxes on any group of americans. those are the principles. at the same time how we carry them out would be lowering the tax rate across the board and making up for that, both with additional growth and with putting a limit on deductions and exemptions, particularly for people at the high end. those are principles which form the bases of what i would do with our tax proposal. what i want to do is to make it simpler, fairer. i want to encourage the economy to grow again. it's pretty clear that the economy is not growing at t
so they don't add to deficits and says that he would do so in large part by curbing tax breaks on the rich. he also has promised not to raise taxes on the middle class. now, this triggered a pretty hot exchange between joe biden and paul ryan over whether it's mathematically possible. let's bring in christine romans to separate fact from fiction. good morning. >> good morning, randi. paul ryan claimed you could cut income taxes by 20% across the board and all while keeping this deficit neutral. listen to that fiery exchange. >> you can cut tax rates by 20% and still preserve these important preferences for middle class taxpayers. >> not mathematically possible. >> it is matmatically possible. >> the nonpolicy tax center says it's not mathematically possible with the amount of information we have about romney's tax plan. not possible to cut rates as much as he would like without deductions that would hurt the middle class. investment taxes and dividend taxes, which the romney campaign has said it wouldn't do. so, for those reasons, our verdict here is that it's false. you can't
, in 2010 a bipartisan federal commission unveiled the plan to cut the nation's deficit by $4 trillion through a mix of tax increases and spending cuts. the plan was never voted on in congress. do you agree with any or all with what the commission came up with? what other efforts do you think the country needs to take on to cut the country's debt, which now exceeds $16 trillion? >> debt and our deficit are very important issues that we need to tackle and they're a matter of national security. and this is one of the starkest contrasts between congresswoman bono mack and myself. you see, congresswoman bono mack wants to put the deficit and the burden of our debt on the shoulders of our seniors, our middle class and our students. by turning medicare into a private voucher system and charging our seniors $6,000 a year for their health care costs on average, by cutting pell grants and stafford loans who rely on those for their college education and she's voted to increase taxes on the middle class through the ryan plan. all of this in order to keep tax breaks for multi-millionaires and tax
spending cuts and we need to be talking about increasing revenues. it takes both to close the deficit. we both submitted our economic proposals to the boston globe. they were sent out four independent economic analysis. what the independent economists found is that i was 67% more effective at cutting the deficit then senator brown. why? because i am willing to make cuts. i am willing to make substantial cuts. i support substantial cuts. i also believe we have to raise revenues. that is what it will take to get serious about our deficit. i truly believe on this one, this is about our children and grandchildren. we cannot leave it to our grandchildren to pay off our debts. >> great question. we are in the $16 trillion national debt. we are in another trillion dollar deficit. you cannot keep borrowing to pay our bills. when we are talking about cutting military spending, we have party cut in half a trillion dollars. that affects many people in this room and people watching. i have been battling as a member of the arms services committee to try to find the resources to protect our men and wom
am neil cavuto. we just found out today that we have another trillion dollar deficit the fourth year running. it could've been worse. we also found out that the federal government bailout program in the wake of the 2008 financial crisis was $24 billion. alas, that is down from $32 billion. by my count on both counts, we are still do for the count. crazy me. i want a lot of answers to all of these loony financial questions. how will we avoid this looming trn looming train wreck? what we do to ease ourselves back from this financial cliff? not a word on any of this from the vice president or the guy that wants to be vice president. no mention of the great unmentionable and what cou single-handedly trigger another recession. that is why tomorrow we want answers. allow me to break from all things convention and all things hot air and focus on something that is pathetic. washington's ongoing difference to a calamity. it could cost millions of jobs and high taxes on millions of poor families. the issue isn't whether or not i think this is a big deal, my friends. it is why this late in the
. >> the trade deficit that china has cost the united states almost 3 million jobs. >> sherrod brawn is calling for action against cheating china. >> they don't play fair and we have to fight back. >> he said his bill will force trade -- >> it creates and protects job by cracking down on chinese currency manipulation. >> i brought democrats and republicans together to pass legislation on china. now we can level the playing field for workers. i'm sherrod brown and i approve this megsage. >> why are they spending so much from polling in other races show they are closing race? >> because they think this is as good a pickup tune as any that might be out there. look, the reality is sherrod brown, you described him as a populous. that's true he runs as such. he's also a liberal senator who is stuck to the hip to the obama administration roar. so on stimulus, on obamacare, and this is a state that is not necessarily overly liberal, in fact, it's conservative in many ways. they see this opportunity, they have this young man who is relatively new to politics, very charismatic, he's been a big fundraiser
. bush left office eight years later we had a $1 trillion deficit. republicans doubled the national debt from 5 trillion to 10, 11 trillion. barack obama has taken the 11 trillion to 16, 17 trillion. under his own proposals and his own projections, that national debt will go over 20 trillion by the time he leaves office. both parties have been reckless and irresponsible. >> so is there any way to reduce it here in the u.s. without extreme austerity measures? >> well, we're going to see what happens when we reach the fiscal cliff. i think there is a way. >> are we going over that cliff? >> i don't think so. >> do you think they're going to come together before january 2nd? >> only because you're going to have enough ceos and people who contribute to democrats and republicans alike that go, kids, kids, come here. come here. let's gather around. we're going to stop supporting you if you don't stop acting so reckless. they've got no choice. the markets are going to kill us. you know, right now we've got again 16, $17 trillion national debt. this past year. every dime that we took in as a gov
people hurting get the skills they need to get the jobs they want. get this deficit and debt under control to prevent a debt crisis, make trade work for america to make more things in america and sell them overseas. and champion small businesses. don't raise taxes on small businesses, because they're our job creators. he talks about detroit. mitt romney is a car guy. they keep misquoting him. but let me tell you about the mitt romney i know. this is a guy who i was talking to, a family in northborough, massachusetts, the other day. sheryl and mark nixon. their kids were hit in a car crash, four of them. two of them rob and reid were paralyzed. the romneys didn't know them. they weren't of the same church, they never met before. mitt asked if he could come over at christmas. he brought his boys, his wife, and gifts. later on he said i know you're struggling, mark, don't worry about their college. i'll pay for it when mark told me this story, because you know what, mitt romney doesn't tell these stories. the nixons told this story. when he told me this story, he said it wasn't the he
waters? i got to ask why it was when he called the massive deficit we have un-american. i understand. the deficit spending has been outrageous under republicans and democrats. but why when thaws with the case why did he spend $90 billion sending money to green companies, contributors of his. we heard what he had to say or not say. i think we boil it down to this. more recently he said, look, you can't change washington from the inside. you have to change washington from the outside. we'll, we're going to give him that chance on november 6. [cheers and applause] now, there were a couple of place where is we agreed. we agreed, for instance, that we would take this country in very different directions. and he points out -- well, actually it was the vice president that blurted out the truth that they're planning on raising the taxes with $2 trillion. actually it's more like $3 trillion. there's no secret that the spending and the interest that they amassed by virtue of their spending and it's going to cause them to raise taxes on the middle-class. i make this commitment to you, under no
was a four letter word, deficit, the tea party movemet, taxes, govemen spending, the role of government, the reach of government. i think that the coups and clues lies somewhere between 2008 and 2010. and sure, chemistry is important to women, biology is important to women. but in 2012 the most important issue to them really subject to them is math. >> brown: kellyanne conway and solindan lake, thank you both very much. >> thank you very much >> brown: in her weekly blog post, gwen ifill looks at how the campaigns are pitching hard to undecided women voters. and if you missed any of last night's debate, you n wah the vice-presidential match-up in full on our web site. >> woodruff: later in the program, we'll have more on the presidential race from shields and brooks. also ahead, the peace prize goes to the european union; and the pollsters, the gamblers, and the academics predict the election results. but first, the other news of the day. here's hari sreenivasan. >> sreenivasan: secretary of state hillary clinton vowed today that u.s. diplomats will not retreat from dangerous parts of t
creating debt. the facts are clear. obama's four deficits are the four largest in us history. he's adding almost as much debt as all 43 previous presidents -- combined. and over 30 cents of every dollar obama spends is borrowed. much of it from countries like china. he's not just wasting money, he's borrowing it and then wasting it. we can't afford four more years. [ romney ] i'm mitt romney and i approve this message. >>> buried beneath all the baseball headlines, scott? >> 6-2 in the 5th right now. nats lead. >> there you go. the redskins have a pretty big game this weekend. scott is back with a look at the match-up and rg3 on the mines of all of us. >> that's been -- minds of all of us. >> that's been the big item this week. he participated fully today in practice, said there's no symptoms or setbacks. >> he wants to play. >> if you ask him, he'll tell you he wants to play on sunday. it will be a game time decision. pierre garcon is questionable with a foot ailment. we'll see on him as well. how about the opponent this weekend? it's the minnesota vikings and this is one of the big surp
called the massive deficit we have unamerican, why, when that was the case, he spent $90 billion sending money to green energy companies, many of blum wrote by friends of his, contributors of is, and we heard what he had to say or not say. i think we boil it down to this. he said more recently, look, you cannot change washington from the inside. you have to change it from the onset. we will give him that chance. [cheers and applause] now, there were couple of places where we agreed. we agreed that we would take this country in very different directions. he points out that, actually, it was the vice president a part of the truth, they're planning on raising taxes by $1 trillion, more like $2 trillion with obamacare taxes, but the spending and the interest on the debt they amassed by virtue of their spending will do what one recent study shows, causing them to raise taxes on the middle class. i make this commitment to you. under no circumstances will i raise taxes on the middle class of america. [cheers and applause] under his watch, we will have obamacare installed. bureaucrats can tell y
of reducing tax marginal tax rates and increasing revenues and the cost it might add to the deficit is criticized as being non-specific. how do they respond to that? >> governor romney has laid out a framework. any time you have a plan such as this, you don't want to put all the details out there because there are negotiations that need to take place. the framework has been looked up by six different independent organizations including those from harvard and princeton. to say this plan will work. so the details don't need to be out there right now. the framework is very clear about what mitt romney and paul ryan want to do to strengthen our middle-class. >> gregg: i might say that the tax policy center which is cited by the obama campaign it's going to cost five trillion has been said by the director of the to be completely untrue. let me move on. the president has added two new things to his campaign speeches. he tells his audiences he says romney wants to kill big bird but more credibly he points to the unemployment rate that drops below 8%. it shows the economy under his leadersh
-a-trillion-dollar deficit annually. when george bush came into office, our debt, national debt was around $5 trillion. it's now over $10 trillion. we've almost doubled it. and so while it's true that nobody's completely innocent here, we have had over the last eight years the biggest increases in deficit spending and national debt in our history. and senator mccain voted for four out of five of those george bush budgets. so here's what i would do. i'm going to spend some money on the key issues that we've got to work on. you know, you may have seen your health care premiums go up. we've got to reform health care to help you and your budget. we are going to have to deal with energy because we can't keep on borrowing from the chinese and sending money to saudi arabia. we are mortgaging our children's future. we've got to have a different energy plan. we've got to invest in college affordability. so we're going to have to make some investments, but we've also got to make spending cuts. and what i've proposed, you'll hear senator mccain say well, he's proposing a whole bunch of new spending, but actually i'm
department a announced that the federal budget deficit exceeds $1 trillion but is down 16% from a year ago and stands at $1.1 trillion for the fiscal year that ended september 30th. >>> on wall street, the major markets ended the day mixed finishing out the worst week since june. the dow jones industrial average ended up two points and the nasdaq lost five points and the srx s & p was down four points. for the week, the three big indices were down by more than 2%. >>> top official is found guilty of embezzlement. >> and a new push to legalize marijuana. how it could impact federal law. >> and see how this heated political debate between two congressional candidates nearly turned violent. money to our schools. "misleading." out here. it. but there's hope. straight to our schools... keeps it there. politicians. to really help our schools, vote yes on thirty-eight. >>> a navy helicopter spotted something unusual floating in the pacific ocean off the san diego coast earlier this week. bales and bales of marijuana. customs and border protection recovered 300 pounds of marijuana floating wednes
's begin with the giants story. they beat the odds, come back from an 0-2 deficit against the cincinnati reds to advance to their second nlcs in three years and now await the winners of the cardinals' divisional series happening now in the nation's capital and washington in the fourth leads 6-0. the giants could be heading to d.c. the buzz that the giants have created is off the charts. check out this photo hunter road sign on the way to tahoe suggesting we write in buster posey for president in november. awesome. how about this? san francisco zoo claiming a small part of the giants' success as this new orange and black primate was born just before game three when the giants started to turn things around. way to go giants as they move along. on to the athletics the green and gold, on the other hand they saw their magical season come to a close last night as they lose game five to the detroit tigers. there is no doubt that the win, the american league west title still hard for the as to believe their season is over. >> at the end of a season when you're not in a pennant race you know when
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is trying to get out of the deficit that obama created in the first -- >> bob: that's exactly right. >> dana: biden had a different job last night. actually paul ryan's job was to appeal to seniors and to women. i think he nailed that. and so, whereas some of the other lines he might not have won the point, actually overall he won overall with his base, too. >> andrea: if the strategy is to rally the base, the base is women. the democratic base. war on women. they went in to this, pew research found that 51% of voters already had an unfavorable view of the vice president. he did himself no favors. >> eric: that is an important poll. i bet that number goes up after that. he was not likable. everything he did, the smilin smiling, smugness, he cut off paul ryan 82 times in 90 minutes. that is almost impossible to do. the other thing is "wall street journal" points this out. he was on the attack. they call it bully versus the wonk. he was on the attack. meaning joe biden, all night. every time he attacked paul ryan on a topic, it was wrong. his facts were -- >> bob: it was not wrong. >> eric: th
and deficit. his final speech will include his own criticism with the president. >> so much going on. on the road with the mitt romney campaign. critics say it is not enough to give hope that the country is rebounding. and the end of the year fast approaching there is a looming chris that could force our nation off of a fiscal cliff. combination of automatic spending cuts and experdition of tax cuts will force millions of americans to lose their jobs. neil cavuto is here to tell us why even though we a presidential election ahead. the fiscal cliff is bigger. >> it is certainly more immediate. this is an event that is coming. the question is are they going to do anything about it or not? both parties are waiting to see what will happen if their guy wins f. it the president wins and keeps the senate they will cobble together a deal to call for letting the income rate on the rich expire and so only their taxes go up . keep those other spending cuts in place. it is anyone's guess what president-elect romney does with or without a democratic senate. if it is a republican one, the argument
for oil and gas. why it was with a deficit of a trillion dollar, record-breaking dell sit, that he spent $90 billion sending money to green energy companies, some of whom had contributors that had given to his campaign. i got to ask him why it was that he had promised health insurance premiums would go down by $2,000 per family and yet they've gone up by $2,000 per family and the only ansz he had a few weeks ago was this. jose, you know you kent change washington from the inside. we're going to change it from the outsiechld we're going to give him that chance on november 6th. [ cheers and applause ] >> and i've got more questions now, of course. we may get a chance to ask these as well. why it is with 47 million people on food stamps -- you think about that. when he took office, there were 32 million people on food stamps. he's now add 15 million more, all right? more than the population of ohio. the income of the median family in america has gone down by $4,300 per family. in times like this, what is he talking about? saving big bird. when i'm president i'm going to help save the americ
the deficit, and that's going to fall on middle-class families so it's a question of philosophy here, whether you think there is enough and other things he says he'll do to cut spending in the budget to make up the money that would be lost in revenue from that 20% across the board tax cut or whether you believe that the plan that president obama is saying to say that there should be cut for middle-class taxes, extension for bush tax cuts for those making under $250,000 and not for others and that that money should be used to make up the revenue there. >> lori, there was also a dispute add to whether ryan would have voted for plan that would have raised out-of-pocket cost. take a listen. >> who do you trust on this? a man who introduce add bill that would raise it $6,400 a year. knowing it, passing it, and romney saying -- >> that stay tiks tick was completely misleading. >> those are the fact, right? >> this is what politicians do when they don't have a record to run on. >> so prp says ryan's plan would have cost $6,400 more. ryan calls that completely misleading as you saw there. who's right
a week or so ago you saw big bill repeatedly trying to use me as the poster child for the federal deficit. >>> we have a president here who believes in social justice, alright. he wants to take your money, my money, the money of the one percent. and he wants to give it -- >> he even came armed with a flash card. >> -- bill moyers. there he is. bill gets it. here's what's ridiculous -- >> i wish i had a poster. >> -- $16 trillion debt and we got to pay for bill moyers? let him compete on his own!" >> nice work, o'reilly. and thanks for the attention. but if you had grown up watching sesame street, you'd know your alphabet by now. and you would know npr is not pbs. i'm on television, just like you. well, not exactly like you. you reside in an alternate reality, where the truth is as elusive as a moonbeam and facts as alien as little green men with bug eyes. your flash card even had it wrong. npr doesn't pay me. i don't work for national public radio, never have. this weekly series is on public television stations but we don't get any money from pbs, either. we raise the funds ourselves, as
deficit topping that number for the fourth straight year. president obama had promised to cut the deficit in half by the end of his first term. next, 51.4 million, that's how many people watched the vice presidential debate on tv between paul ryan and joe biden. fox news the top cable network 10 million viewers. >> topped any network. >> combined can't even top them. try. the asbury park press reporting that's how much the government spent on experimental text terror program in new jersey. police say there are not been any credible tips so far using that service. >> that's a relief. there are more developments this morning in the deadly meningitis outbreak that has claimed the lives of 14 people. the number of confirmed cases now at 185 across 12 states. >> roughly 14,000 have been exposed to the recalled drug. will cece more cases and could you be at risk? joining us now is dr. marc siegel associate professor of medicine at nyu and part of our medical a team there is a new headline this morning on this new fungus that they have discovered, right? >> absolutely. the new headline is that i
Search Results 0 to 49 of about 61 (some duplicates have been removed)